Insurance for Exotics - With NewTeenage Driver Around

15?
Get a fully comprehensive on the safest family car!
In Sweden we trust our 15 year okd with having legal sex and driving a 50 cc, 1Hp moped with a maximum speed of 30 Km/h.

My 20 year old son would never be allowed to drive my C300! No way!
He is insured on and allowed to drive the GLK 280.

 

They will exclude her from your coverage...that should do it.

For me it's worth having them in a dedicated car, somethgin inexpensive, until they gain some experience behind the wheel.

But there's no way they will cover her in that type of car, and she needs something safer, to learn the ropes....

 

15 year old in an exotic. Yeah that'll end up well.

I'd get a safe car all her own. I can't imagine they'll let you add a teen to the policy... or have it affordable at all..

 

He will not allow his 15 year old daughter to drive his exotics, thank Gods......

I think it is hugely important to let them drive the safest posdible vehicle, as they have an elevated risk of crashing.
We bought the GLK so my son could drive a safe car.

 

Buy her a separate house, if necessary.

Was always glad my son never did learn to drive a stick back then! But I had a hidden kill switch for the fuel pump installed under the driver's seat in case any of his buddies did. (Worked well for my (now ex) wife, too, when she took an infrequent notion to drive it ... "I tried to take the car to the beach today with Dawn but it wouldn't start again" ... "Oh, must be the fuel pump acting up again, I'll talk to Frank about it.")

 

actually your insurance company might have an issue with having a teenager of driving age. I believe in my state they will ask if the teenage driver lives in the house and if they do It would affect your insurability.. crazy as it may seem. I do not remember the exact details but I had that issue a few years ago when my daughter got her license....
it was a big deal...
but i eventually figured away around it and buying a separate house is not as crazy as it seems

 

My car insurance company only allowed a max of 4 cars per policy.
Back when my two sons were teenage drivers, I named them as a driver on only one of the policies that had 4 daily driver type cars on it.

The reason insurance companies are so paranoid about teenage drivers is that, statistically, there are more accidents by drivers between 16 and 21 years old (over a 5 year period) than there are drivers that age.
When I heard that statistic, I thought it was an exaggeration but, as things turned out, both of my boys had fender-bender accidents before they were 21. Yikes.

Also, Shark01, you might want to fill out your user profile and put the State you live in in the Location field. Might help with the advice given for these types of questions.

Good luck.
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15 year old legal sex?

 

We forget that new drivers are learning. We can driver pretty well from years of experience. When someone is learning they are more apt to make mistakes, it's just what happens. We just hope that no one gets hurt.

I remember a story of a fellow who let his girlfriend drive his car. The story went that she had just enough time to turn left into a parking lot before an oncoming car. She did it quickly, badly bottomed out and did heavy damage to the car. Even seasoned drivers without experience in a certain car can make mistakes. Just the nature of life.

 

Emotionally I'm not sure the difference is huge. Someone who is responsible at 18 probably was at 15. And they probably got proper education, not the joke that qualifies as education over here. Someone who is completely irresponsible at 15 probably won't be responsible at 25.

18 is a pretty arbitrary age too. We as societies make our own choices.

 

Yes, 15.
Motorbike 125cc or less 16
Drivers license for car or motorbike above 125cc 18
Voting 18
Gun permits handguns 18 (17 special circumstanse)
Drinking 18/20

 

My son just turned 16 a few months ago and we bought him a new car under my wife's name. Since he is not old enough to have car insurance in his own name he went on the family policy as a family driver. Since we have 3 other cars and an umbrella policy for liability he was added to all four vehicles. So technically he can drive all four cars including my 599GTO. I wanted to break that out and cover it separately but believe it or not it was cheaper to keep them all on one policy even though he will probably never drive my GTO during my lifetime. The premium bumps on each vehicle including the increase for his addition for coverage under the umbrella was not a big number...... totaling maybe an extra 2K a year.

 

My old insurance company, Nationwide, did not require any changes with learner's permits at 15. When they turned 16 and got an actual license, Nationwide required that they be insured on all my cars. However Nationwide would not underwrite my Ferrari 458 or Lotus Elise. They also would not allow me to designate a specific primary car for each driver, including the teens. They would not give discounts for driving schools.

American Modern will not insure anyone under 21 on limited production vehicles.

I switched to State Farm a few months ago. Much cheaper than Nationwide and American Modern, allowed me to designate specific primary car for each driver, gave me discounts for the kids' advanced driving schools, and insured them on both the 458 and Elise. Kids are 18 and 17 without any claims or tickets. Good grades.

They are currently learning to drive the Elise, but I haven't given them any opportunity to drive the Ferrari.

Get your teen to an advanced driving school of some type. Excellent training and well worth the money. We used the Mid-Ohio School for Teen Car Control and Advanced Driving Dynamics courses. Tire Rack offers good training, as well.

 

Those with teens driving - they don't always ask permission to take cars.....

If you haven't already, please look into an umbrella policy. No matter how much money you have or don't have, I guarantee you that if anyone in your household hits someone in the Ferrari, you will be sued.

 

The insurance company told me that they get a dump of newly issued licenses and permits from the DMV every six months. They compare this to their policy holders, and when finding a policy holder that has a new driver, they automatically add them to the policy on all cars.

My advice: call your insurance company as soon as your teen starts driving. Up your policy to the max limits. Add a multi-million dollar umbrella. Accidents will happen, and if your teen has any passengers, or hits another car/vehicle/pedestrian - you will be sued. Best to safeguard yourself up front.

As for the exotic - I use Hagerty for that. They required proof of a daily driver vehicle for every licensed driver residing at my address. What I found interesting, and maybe a little disconcerting, is that Hagerty knew what licensed drivers lived at my address (without my telling them) and what vehicles were registered to my address. I'm guessing they get a feed from the state DMV.

As for insuring the Ferrari, they stated that the teen (actually under 25) driver must have a daily driver. Furthermore, Hagerty does not cover that teen to drive the Ferrari. I had no issues with either requirement. As my teen was going off to college, we bought her a car anyway, and she has no interest in driving a (in her words) "smelly old car".

Sid

P.S To me, it smells FABULOUS!!!!

 

It doesn't even have to be the Ferrari. If you teen is in an accident in any type car, chances are you will be sued.

+$1,000,000

 

That's too bad. Both of my sons have allegedly driven my Ferrari, though it's nowhere near a 599GTO. I might have ridden shotgun, and they both could remember it for the rest of their lives. The smile on their faces may have been priceless and I could remember it still.

My car is on separate policy from my daily drivers. I can only drive it 2k miles/year, not to work, blah blah blah. It's the cheapest of all my cars to insure.

 

Both my sons have had plenty of seat time riding shotgun in my Ferrari at high speeds at Road America during the Nationals and Challenge weekends where our street cars were allowed to run flat out between races. I guess I should have specified ........Driving alone. When I think he can handle it I won't have a problem letting him drive just as long as I'm with him. As you said our children"s smiles are indeed priceless. I've been extremely satisfied with Farmers regarding my insurance needs. I have zero restrictions of any kind and my 16 year old is already covered including coverage under our umbrella policy to drive the Ferrari when the time comes. I just hope we will never need to use it.

 

Anyone that lives in the house has to be on the policy, for most ins companies. Imagine everything you own in the truck of the car your teenager is driving; get an umbrella policy. Umbrella policies don't keep you from being sued but ambulance chasers go after the easy money.

 

Ego combined with "wanting to give your kids what you never had growing up" is what overrides the logic and common sense in this.

 

Then they deserve what they get.